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Commodity-linked currencies, including the Canadian, Australian and New Zealand dollars, rose to two-year highs after the Fed struck a dovish tone on inflation. The Bank of Canada had raised rates in July, and commodity prices had already risen over the past month on demand from China.
A weaker dollar and firmer commodity currencies raise the cost of US dollar-priced imports for Canadian and Australian buyers, while supporting dollar-denominated commodity prices.
actionforex.comXM.comJul 27, 2017Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
